Table I Ideal types of institutional... | Emerald Publishing

Table I

Ideal types of institutional logics in the Islamic financial architecture

Characteristics	Extant-religion logic	Emerging-social logic	Emerging-banking logic
Economic system	Religious organizations	Islamic system	Capitalism in Islamic system
Sources of identity	The organizations must be imbued with Islamic values	Vision and mission of Islamic Microfinance Institutions (IMFIs)	Commercial contracts
Sources of legitimacy	“Islamic” as title	Funding from charity and commercial organizations	Scale and scope of the organization
Sources of authority	Objectives of Shariah (Maqāsid Shari’āh)	Charitable organizations	Commercial organizations
Basis of mission	Islamic framework of SDGs	Eradicate poverty, empower the poor (social bonding)	Commercial bonding
Basis of strategy	Achieving SDGs for benefit of all stakeholders (whole mankind/Rahmatan lil Ālamīn)	Approaches to empower the poor	Growth through global partnership

Characteristics	Extant-religion logic	Emerging-social logic	Emerging-banking logic
Economic system	Religious organizations	Islamic system	Capitalism in Islamic system
Sources of identity	The organizations must be imbued with Islamic values	Vision and mission of Islamic Microfinance Institutions (IMFIs)	Commercial contracts
Sources of legitimacy	“Islamic” as title	Funding from charity and commercial organizations	Scale and scope of the organization
Sources of authority	Objectives of Shariah (Maqāsid Shari’āh)	Charitable organizations	Commercial organizations
Basis of mission	Islamic framework of SDGs	Eradicate poverty, empower the poor (social bonding)	Commercial bonding
Basis of strategy	Achieving SDGs for benefit of all stakeholders (whole mankind/Rahmatan lil Ālamīn)	Approaches to empower the poor	Growth through global partnership

Source: Mukhlisin and Fadzy (2016)